This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Thursday, April 10, 2008

PSEi 4/10/08 PHILIPPINE STOCK MARKET ANALYSIS

OUTLOOK
The local stock index takes the cue from the Dow's overnight decline and eases slightly -6.67pts. It gaps lower at the open and stays south for the rest of the day managing to close off the session lows. The daily chart issues no signficant technical signal and the decline shows no sign of weakening. Net foreign buying takes a hit for the second day accumulating a 2-day decline of P832M. The other breadth indicators echo today's shallow but widespread decline. I'm looking at a potential near term objective of 2500.

PRICE AND TURNOVER
Close: 2,955.11 * Change: -6.67 (-0.23%) * Value: 2,286,779,000

MARKET BREADTH
Net Adv Issues: -12 * Net Up Volume: -144,550,540 * Net Foreign Buying: -610,461,222

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Minor downtrend * Support 2800 * Resistance 3000 * Near term price objective 2500

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